How do I structure an out of state rehab project

[Warren Smith]

I have several rehab projects out of state and need some direction on how to manage a contract with our GC. The details:

a 7 unit rehab, rent and refi and a 4 plex rehab, rent and refi. GC is experienced, but can not bring money to the table right now due recent bankruptcy. What is a typical equity deal structure with a GC who is not investing money into the project?

I've heard of waterfall agreements, and had a simple calculation of equity creation based on how much value the GC creates in the property, but I want your feedback to help guide the process. Thanks in advance!